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Indirect Tax GST 002007

  • India must take GST lessons from other nations: CFO
    Feb 21, 2017
    Before the Goods and Services Tax (GST) reform is rolled out, India should take cautious lessons from other nations which have also introduced similar legislation, industry leaders have warned.A report released on Monday by the Confederation of Indian Industry and tax consultancy major Deloitte, which incorporates the views of Chief Financial Officers (CFO) of major companies, said the experience of other nations like Malaysia, Canada resonated with challenges currently being faced by India.
  • What’s the real GST?
    Feb 21, 2017
    In the long run-up to introducing GST, the Government was so focused on State governments and negotiating their claims for compensation that it appeared to have missed the fact that India has seven Union Territories that also need to come on board.Out of the seven, only Delhi and Puducherry have their own legislatures, which would mean that the other five would become tax havens under GST. Being a destination-based tax, supplies to and from Union Territories without Legislature (Daman and Diu, for example) would escape GST. This is certainly not what the Government would have wanted and appears to be a case of drafting dilemmas.
  • GST Council clears compensation Bill
    Feb 20, 2017
    The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. At its 10th meeting held at Udaipur, the council also resolved to make some clarificatory changes in the model GST Bill — which will be replicated as the central and state GST bills — with a view to amplifying their legal tenability.
  • GST Council meeting: Draft Compensation Bill approved, to be presented in next Parliament session
    Feb 18, 2017
    Amid speculations over the finalization of the model GST law, the Goods and Service tax council, headed by Finance Minister Arun Jaitley, has today approved the Draft Compensation Bill. Following the 10th meeting of the GST council, comprising representatives of all states, sources had confirmed that the government will be bringing this bill in the next parliamentary session.Earlier, the law ministry had sent the approved language and draft of the Model GST Law, which outlines how the new national sales tax will be levied on goods and services.
  • Preparing for GST: For SMEs this can be a good starting point
    Feb 11, 2017
    The implementation of GST in a federal country like ours has been a long awaited legislative change. This promises easier trade across state borders and simplified compliance for many businesses that come under the purview of multiple taxes imposed both by the Centre and States.In the longer term, it would result in reduced costs of operations for businesses making them more competitive.
  • Cesses set to go with GST, see increase in Budget
    Feb 07, 2017
    The National Democratic Alliance government plans to shift to the goods and service tax (GST) regime on July 1. In the new indirect tax architecture, some existing cesses, that are currently levied, will be done away with. Yet the government has budgeted for increases in even those cesses that will cease to exist after July 1. The Budget does not separately show collections in the GST regime but continues to project collections for excise duties and services taxes through the year.
  • GST could lead to 25% price hike for smartphones
    Feb 03, 2017
    Consumers may have to spend more for smartphones from the next financial year as the additional duty proposed in the Budget will lead to price hikes. A two per cent special additional duty, which will be imposed on printed circuit boards (PCBs) from April 1, is expected to increase the prices of handsets by up to two per cent. PCBs are imported from China and Taiwan because no manufacturing plant has been set up locally. According to Tarun Pathak, analyst, Counterpoint Research, in 2016, PCBs worth nearly Rs 40,000 crore ($6 billion) had been imported.
  • Services in India need differential GST rates
    Jan 30, 2017
    Recent developments appear to indicate that India will finally roll out the GST from July 1, 2017. Several key decisions including the rate buckets, administrative powers, etc, have now been settled, and it does appear that the long-awaited reform is finally approaching the take-off stage. However, it does seem that as part of the decision-making process, enough attention has not been given to services in general and difficulties of service providers in particular.
  • GST will be a game-changer for the sector
    Jan 25, 2017
    FMCG companies are pinning their hopes on GST and lower corporate taxes in the forthcoming Budget. The third quarter is expected to be muted for most of the FMCG majors post demonetisation, but if the Budget makes some key announcements regarding GST to streamline taxes, it could prove to be a bonanza for the industry.K Ulhas Kamath, Joint MD, Jyothy Labs, said, “While GST would be the main one for FMCG companies, there should be one agency to administer it and not both the Central and State government. We pay excise duties to the Centre and sales tax and VAT to the State government but with GST, we would like one agency for assessment.
  • GSTN to set up call centre to handle tax queries
    Jan 21, 2017
    For a smooth transition of over 80 lakh assessees to the new indirect tax regime being implemented from this July, the Goods and Services Tax Network is setting up a call centre to answer queries.“Since GST is a completely new tax system, and will have a new method and timeline for filing returns, the proposed call centre will answer all technical queries of taxpayers,” said a senior official.The GSTN is already involved in setting up the IT infrastructure for the new indirect tax levy, including a common platform for registration of assessees, filing of returns and payment of taxes.The call centre would be expected to handle queries on all these issues, besides other topics such as audit and scrutiny, refunds, settlement and input tax credit.
  • After liberal concessions by Centre, GST council inks breakthrough, new tax regime roll-out on July 1
    Jan 17, 2017
    In a breakthrough that has cleared the long-gathered clouds over the goods and services tax (GST) and brightened the prospect of its roll-out from July 1 this year, the Centre and states on Monday resolved to share the entire GST assessee base — over 10 million at last count — without sacrificing the principle that no taxpayer will have to report to more than one authority.At the ninth GST Council meeting here, the Centre made significant concessions to bring states, including the defiant ones, on board.
  • Centre, states clear bulk of laws for GST
    Dec 24, 2016
    The Centre and states covered significant distance on the path towards rollout of goods and services tax (GST) when they cleared the bulk of laws for central and state GST. But the April 1, 2017, deadline for implementation of the country's biggest indirect tax reform is almost ruled out as there was no headway on the contentious issue of division of administration.
  • GST Council meet cut short, no roll-out in April, 2017
    Dec 12, 2016
    The country’s journey that started more than seven years ago towards an indirect tax system that militates against cascading of taxes, seemed to prolong further on Sunday, after the sixth session of the Goods and Services Tax (GST) Council was cut short for want of any signs of a consensus on the sharing of administrative powers between the Centre and states. While the council was to meet on Monday too, it has now been convened on December 22-23.With some states alleging the demonetisation move undermined the spirit of cooperative federalism that has hitherto guided the council, the earlier the relevant laws can be taken up by Parliament now is in the Budget session in January, as the ongoing Winter Session ends on December 16.
  • These 34 companies to make your GST play less taxing
    Dec 09, 2016
    The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has finalised 34 companies as the GST Suvidha Providers (GSPs), which will offer support and services to help tax payers and businesses in compliance. The GSTN had released an initial list of 48 companies from over 200 applications it had received last month.These companies, which were shortlisted based on eligibility criteria, had to move through the second round of qualification by showcasing their technical capabilities through a demonstration of a functioning model as a GSP with effective tax payer-oriented services.
  • Ceding control of GST admin to states will disempower centre: CBEC
    Dec 09, 2016
    Giving in to the states’ demand for sole control of tax administration of taxpayers below Rs 1.5 crore threshold under the goods and services tax (GST) regime will disempower the Centre, a top official of the Central Board of Excise and Customs has said, suggesting that breaking the deadlock over the issue could be difficult. "The debate and discussion have only been on whether the Central government should be kept out of a certain category of goods. We seriously believe that while I empower you, you cannot disempower me," CBEC chairperson Najib Shah said at an event organised by industry body Assocham."In effect, by saying that you cannot be there in a certain category of goods, you are disempowering me which we have our reservations about."
  • GST jurisdiction a difficult issue, hopeful of Apr roll-out:FM
    Dec 08, 2016
    Pinning hopes on quick resolution of the "difficult issue" of tax jurisdiction with states, Finance Minister Arun Jaitley today said that Goods and Services Tax regime will be rolled out from April next year. Jaitley said the implementation of GST is bounded by a calendar deadline as the Constitutional Amendment provides that the existing indirect tax regime can continue only till September 16, 2017.
  • GST Council meet: States not okay on power sharing issues, want control over businesses with turnover under Rs 1.5 cr
    Dec 03, 2016
    With a seeming agreement between the Centre and states on Friday regarding the three draft laws for the goods and services tax (GST), whether the new comprehensive indirect tax will roll out from the April 1 next year solely depended on resolving the thorny issue of division of administrative powers by the GST Council on Friday, the first of a two-day meeting.“The Centre’s is an intransigent stance. We are unwilling to allow a purely vertical split of the administrative powers.
  • Downloading videos, books from foreign websites will attract tax in GST regime
    Nov 29, 2016
    Online and digital transactions, including those such as hailing cabs through an online aggregators are likely to fall under goods and services tax (GST). Though the draft model GST law is silent on aggregators, tax experts say the relief may be short-lived. Aggregators, who are already liable to pay service tax, may subsequently be included in the ambit once the GST rules are notified, they say.The draft model GST law has proposed that e-commerce players would have to deduct one per cent tax at source each for Centre and State tax, but has remained silent on the treatment for aggregators such as those which provide cab hailing services, food or room booking facilities or even those that help find professionals for home requirements. “The concept of aggregator was done away with in the draft model law but it is likely to be governed under e-commerce operator provisions,” said BMR Advisors in a note.
  • GST now likely on movies, music from foreign sites
    Nov 28, 2016
    If you download a movie or music item from a foreign site, such as A pp lei Tunes, your bill will rise due to the proposed goods and services tax, if the revised draft model Bill becomes law. So, no relief from the service tax, which anyway would be imposed on foreign firms from December 1 even under the existing system.If you download a movie or some music from a site based abroad, such as the iTunes Store, your bill will rise due to the proposed goods and services tax (GST), if the revised draft model Bill becomes law.
  • Ecomm Cos Need to Register in States under GST
    Nov 28, 2016
    Ecommerce players such as Amazon and Flipkart would be required not just to collect tax at source but also register in each state under the proposed goods and services tax (GST) regime as both the central and state laws provide for the levy, reports Deepshikha Sikarwar.
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